(BOE Report) – Canadian oil producer Cenovus Energy is considering a sale of conventional oil and gas assets in the Deep Basin of Alberta as it looks to cut debt after the recent takeover of oil sands rival MEG Energy, two sources familiar with the matter told Reuters. Cenovus has reached out to potential buyers in recent weeks to gauge interest in the assets,
(BOE Report) – CALGARY – Oilsands giant Cenovus Energy Inc. has completed its takeover of MEG Energy Corp. The two companies had neighbouring properties in the oilsands at Christina Lake, south of Fort McMurray, Alta. With the purchase, Cenovus gets another 110,000 barrels a day of production from what had been MEG’s flagship operation. The deal was worth more than $8.6 billion in cash,
(BOE Report)– Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its third-quarter 2025 financial and operating results. The company generated approximately $2.1 billion in cash from operating activities, $2.5 billion of adjusted funds flow and $1.3 billion of free funds flow. Operating results in the quarter included record Upstream production of 832,900 barrels of oil equivalent per day (BOE/d)1 and record
(BOE Report)– Cenovus Energy bought more shares in MEG Energy, raising its stakes to 9.8% in the Canadian oil sand company. This follows Cenovus’s Tuesday purchase of 21.7 million shares, strengthening its position to acquire one of Canada’s last large pure-play oil sands companies ahead of the October 22 shareholder vote. Earlier this month, Cenovus increased its bid by C$2.35
(BOE Report)– Cenovus Energy on Wednesday sweetened its offer to acquire MEG Energy, raising the value of the proposed deal to C$29.80 per share, in an attempt to match a rival bid from Strathcona Resources. The revised terms valued MEG at about C$8.6 billion ($6.16 billion), including debt, the company said, adding that it is Cenovus’ “best and final” offer. Last month, MEG
(BOE Report)– Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced it has reached an agreement for the sale, indirectly through wholly-owned subsidiaries, of its 50% interest in WRB Refining LP (WRB) to its joint venture partner Phillips 66. The consideration will consist of US$1.4 billion in cash, or approximately C$1.9 billion, subject to customary closing adjustments. “This transaction aligns with
(BOE Report)– Oilsands giant Cenovus Energy Corp. has been cited by industry watchers as one of the potential competing bidders for MEG Energy Corp., which has spurned an unsolicited offer from Strathcona Resources Ltd. and launched a formal review of alternative options. MEG and Cenovus have neighbouring flagship oilsands projects south of Fort McMurray, Alta., at Christina Lake that use steam wells to
BOE Report The Trans Mountain oil pipeline expansion (TMX) was meant to shrink the discount on Canadian oil versus U.S. crude but three months in the differential is wider than when commercial operations on the project started. Many analysts had forecast the differential on Western Canada Select (WCS) versus U.S. crude would gradually narrow to single digits thanks to the
Yahoo Finance Cenovus Energy Inc posted a net profit for the fourth quarter on Thursday, compared with a loss last year, and said Chief Operating Officer Jon McKenzie would become its president and chief executive officer. McKenzie, who was the finance chief of Husky Energy from 2015 to 2018, joined Cenovus in 2018 as its chief financial officer. Outgoing
Oil and Gas 360 CALGARY, Alberta, Dec. 06, 2022 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its 2023 budget, delivering disciplined capital allocation and focused investment plans to progress opportunities across its integrated portfolio, holding oil sands and conventional operating costs flat, reducing downstream operating costs and positioning the company for continued growth in shareholder
Calgary, Alberta (May 18, 2021) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has sold its gross overriding royalty (GORR) in the Marten Hills area of Alberta to Topaz Energy Corp. for gross cash proceeds of $102 million. The sale successfully closed today with a May 1, 2021 effective date. Cenovus will use the sale proceeds to reduce net
Reuters TORONTO/WINNIPEG, Manitoba – Cenovus Energy Inc CVE.TO plans to cut 20% to 25% of its workforce after it acquires Husky Energy Inc HSE.TO, the companies told Reuters on Tuesday, as Cenovus begins to slash costs in the Canadian oil patch’s biggest merger in four years. The job losses could total about 2,150 positions, based on the size of their workforces, including
